Nebraska's fourth-largest city, Grand Island, is about to undergo a major transformation that could boost property values in the area. The Conestoga Mall, a shopping center that opened in 1974, is getting a $250 million makeover that will feature a modern shopping complex with a Target store and a national tenant lineup yet to be identified.
The Conestoga Marketplace will feature a vibrant mix of retail, commercial, residential, hospitality, dining, and entertainment uses. The marketplace will welcome all shoppers - those who remember the original mall and those who are diving right into the new.
Additionally, apartments, a hotel, and standalone restaurants, and businesses will be built on the site. The redevelopment is a collaboration between Woodsonia Real Estate and the city officials who have agreed to provide incentives and public subsidies covering about a third of the project cost.
This commercial revival is expected to re-energize shopping in Grand Island and bring in regional tourism, making the city a better place to live. The public investment in the project is worth the anticipated future payoff in increased sales tax revenue, tourism, and economic development spinoff, according to Cindy Johnson, the president of the local Chamber of Commerce.
This development comes at a time when Grand Island is seeing a burst of housing and economic development energy. Nearby, a health care campus and the Prairie District, a new and developing 200-acre village of hundreds of residential dwellings, a hotel, and commercial structures around a trail system and three new lakes, are being built. The $50 million Tabitha Senior Living Community, which is expected to add some 70 new professional jobs when fully staffed, has also recently opened.
Nebraska Realty, which has a nearby office in Grand Island on Stolley Park Rd., is excited about the revitalization of the Conestoga Mall. According to a spokesperson for Nebraska Realty, "We're thrilled to see this project moving forward and are excited about the positive impact it will have on the Grand Island community. The redevelopment of the Conestoga Mall is a significant step forward for the city's economic development and will undoubtedly boost property values in the area. We're looking forward to seeing the mall's transformation and the benefits it will bring to the community."
Regarding the impact of thriving malls on property values, studies have shown that properties located near thriving malls can experience an increase in value. For example, a 2018 study by the International Council of Shopping Centers found that properties located within one mile of a mall experienced a 51% increase in value over a 10-year period.
Additionally, properties located within 10 miles of a mall saw a 30% increase in value over the same period. These figures demonstrate the positive impact that thriving malls can have on property values in the surrounding area.
The Conestoga Mall redevelopment is a long overdue project that will turn a dying mall into a vibrant mixed-use development. The project's success is essential to keep the city's heritage as a shopping destination, which is a significant tourist pull for the area. The property values in the area will significantly increase with the successful development of the Conestoga Mall.
Image Credit: Conestoga Marketplace